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ANNUAL REPORT « ^ FEDERAL RESERVE BANK OF ST. LOUIS FOR YEAR ENDED DECEMBER 31,1942 FEDERAL RESERVE BANK OF ST. LOUIS DIRECTORS CLASS C W I L L I A M T. N A R D I N , Chairman of the Board and Federal Reserve Agent, St. Louis, Mo. OSCAR G. J O H N S T O N , Deputy Chairman, Scott, Miss. D O U G L A S W. B R O O K S , Memphis, Tenn. CLASS B CLASS A A. W E S S E L S H A P L E I G H , St. Louis, Mo. S I D N E Y M A E S T R E , St. Louis, Mo. H . H . T U C K E R , Little Rock, Ark. MAX B . N A H M , Bowling Green, Ky. J O H N R. S T A N L E Y , Evansville, Ind. G. R. C O R L I S , Anna, 111. OFFICERS C H E S T E R C. D A V I S , President F. GUY H I T T , First Vice-President S. F . G I L M O R E , Assistant Cashier O L I N M. A T T E B E R Y , Vice-President F R A N K N. H A L L , Assistant Cashier C. M. S T E W A R T , Vice-President and Secretary G. O. H O L L O C H E R , Assistant Cashier L. H . C A R S T A R P H E N , General Counsel L. H . B A I L E Y , General Auditor H. H. E D M I S T O N , Asst. Vice-President H. H . W E I G E L , Asst. Vice-President FEDERAL ADVISORY COUNCIL MEMBER R A L P H C. G I F F O R D , Louisville, Ky. INDUSTRIAL ADVISORY . COMMITTEE W M . K. N O R R I S , Chairman, St. Louis, Mo. J A C O B V A N D Y K E , Vice-Chairman, St. Louis, Mo. M A U R I C E W E I L , St. Louis, Mo. M. E. F I N C H , Memphis,Tenn. L. J. B U B , Secretary LOUISVILLE BRANCH DIRECTORS P E R R Y B. G A I N E S , Chairman, CarroUton, Ky. G E O . O. B O O M E R , Louisville, Ky. P H I L E. C H A P P E L L , Hopkinsville, Ky. W A L L A C E M. D A V I S , Louisville, Ky. E. J. O ' B R I E N , JR., Louisville, Ky. L E E L. P E R S I S E , Salem, Ind. CHAS. A. S C H A C H T , Louisville, Ky. OFFICERS , C H A S . A. S C H A C H T , Managing Director FRED BURTON, Cashier S T A N L E Y B. J E N K S , Assistant Cashier MEMPHIS BRANCH DIRECTORS R U F U S C. B R A N C H , Chairman, Pecan Point, Ark. V. J. A L E X A N D E R , Memphis, Tenn. O L I V E R B E N T O N , Jackson, Tenn. ' W. H . GLASGOW, Memphis, Tenn. B. A. L Y N C H , BIytheville, Ark. J. P. N O R F L E E T , Memphis, Tenn. J. H O L M E S S H E R A R D , Sherard, Miss. OFFICERS W. H . G L A S G O W , Managing Director S. K. B E L C H E R , Cashier C. E. M A R T I N , Assistant Cashier L I T T L E ROCK B R A N C H DIRECTORS I. N . B A R N E T T , JR., Chairman, Batesville, Ark. A. F . B A I L E Y , Little Rock, Ark. S. M. B R O O K S , Little Rock, Ark. C H A S . A. G O R D O N , Pine BlufJ, Ark. P A U L R. McCOY, Stuttgart, Ark. A. E . M C L E A N , Little Rock, Ark. R. E . S H O R T , Brinkley, Ark. OFFICERS A. F . B A I L E Y , Managing Director CLIFFORD WOOD, Cashier CLAY C H I L D E R S , Assistant Cashier January 28, 1943 — 2 FEDERAL RESERVE B A N K OF ST. LOUIS January 28, 1943. To the Stockholders Federal of the Reserve Bank of St. houis: There is submitted herein a comparative statement of the condition of the Federal Reserve Bank of St. Louis, including its Louisville, Memphis, and Little Rock Branches, at the close of business December 31, 1942, and December 31, 1941, together with comparative statements of operations for the years 1942 and 1941, and other data. Very truly yours. President. 3 — COMPARATIVE STATEMENT OF CONDITION ASSETS ^ Dec. 3 1 , 1942 Dec, 3 1 , 1941 721,664,425 4,192,145 19,246,787 ^632,041,596 643,491 17,601,813 745,103,357 650,286,900 45,000 75,000 0 0 120,000 0 60,732 300,000 U . S. Government securities, direct and guaranteed: . Bonds Notes Certificates of Indebtedness Bills Total U . S. G o v e r n m e n t securities, 133,223,000 64,170,500 49,662,000 40,764,000 73,695,000 39,053,000 O 521,000 direct and guaranteed 287,819,500 113,269,000 288,000,232 113,569,000 627 4,161,950 75,178,873 2,109,540 4,158,313 1,118,712,892 627 2,430,400 49,584,893 2,154,023 2,026,207 820,052,050 LIABILITIES Federal Reserve notes in actual circulation : 513,737,345 322,066,860 Deposits: M e m b e r banks—reserve account U . S. T r e a s u r e r — g e n e r a l account Foreign O t h e r deposits 446,424,519 56,543,715 20,968,855 12,257,701 363,642,898 39,645,660 22,904,237 12,593,560 536,194,790 438,786,355 56,580,437 83,035 47,310,905 32,090 1,106,595,607 808,196,210 4,549,450 4,966,321 529,596 2,071,918 4,416,550 4,966,321 528,979 1,943,990 1,118,712,892 820,052,550 1,686,500 1,225,965 71.0% 85.5% Gold certificates on h a n d and due from U . S. Treasury..^ Redemption f u n d — F . R. notes Other cash Total reserves Bills discounted: Secured by U . S. Government obligations, direct and guaranteed O t h e r bills discounted Total bills discounted Industrial advances Total bills and securities D u e from foreign banks Federal Reserve notes of other banks Uncollected items Bank premises ( n e t ) O t h e r assets Total assets Total deposits Deferred availability items O t h e r liabilities .... Total liabilities CAPITAL ACCOUNTS Capital paid in Surplus (Section 7) Surplus (Section 13b) O t h e r capital accounts - Total liabilities and capital accounts Commitments to make industrial advances Ratio of total reserves t o deposit a n d Federal Reserve note liabilities combined — 4 — FINANCIAL RESULTS OF OPERATIONS Year 1942 Current earnings; Discounted bills Industrial advances Commitments to make industrial advances U . S. Government securities All other ^ _ Total current earnings 1,838 982 9,177 2,518,158 22,203 Year 1941 ^ 1,242 3,015 4,179 1,935,696 21,763 2,552,358 1,965,895 2,681,000 1,992,784 931,618 548,115 1,749,382 52,994 255,926 1,444,669 55,265 109,437 2,058,302 1,609,371 Current net earnings 494,056 356,524 Additions to current net earnings: Profits on sales of U . S. Government securities All other 153,088 1,539 60,214 313 154,627 60,527 0 248,913 1,913 120,468 O 309 250,826 120,777 96,199 60,250 N e t earnings 397,857 296,274 Distribution of net earnings: Dividends paid to member banks Transferred to surplus (Section 7 ) Transferred to surplus (Section 13b) 269,311 127,929 617 258,762 41,345 3,833 397,857 296,274 4,966,321 4,924,976 Addition, as above 127,929 41,345 Transferred to reserves for contingencies 127,929 O 4,966,321 4,966,321 Current Expenses: O p e r a t i n g expenses Less reimbursements for certain fiscal agency and other expenses N e t operating expense Assessment for expenses of Board of Governors Federal Reserve currency Total current expenses Total additions Deductions from current net earnings: Special reserves on bank premises Retirement System (Interest base adjustment) All other Total deductions N e t deductions from current net earnings Surplus (Section 7) beginning of year Surplus (Section 7) end of year 5— V O L U M E OF MAJOR OPERATIONS Checks (cash items) handled: U. S. Govt, checks and warrants: Number Amount All other checks: Number Amount Year 1942 Year 1941 7,993,171 ^ 2,383,953,000 8,477,015 ^ 1,244,844,000 61,384,573 ^21,859,104,000 60,347,480 ^18,723,825,000 '. Collections (non-cash items) handled: U. S. Govt, coupons paid: Number Amount ^ Other collection items: Number Amount ^ Transfers of funds: Number Amount 897,477 19,324,000 431,869 484,718,000 59,495 ^ 6,434,370,000 Paper currency received and counted: Number Amount ^ 144,070,408 546,411,000 Coin received and counted: Number Amount ^ 142,910,423 12,560,000 Rediscounts, advances and commitments: Number Amount ^ ^ 888,859 16,175,000 ^ 439,796 436,999,000 60,905 ^ 5,591,639,000 ^ 123,328,278 428,327,000 ^ 124,973,097 13,441,000 69 25,556,000 ^ 151 13,339,000 N e w issues, redemptions, and exchanges of securities as fiscal agent of: United States Government: Number 5,283,605 Amount ^ 2,373,916,000 ^ 639,647 771,586,000 ^ 11,434 36,226,000 .:..... Government instrumentalities: Number Amount ^ 11,490 19,164,000 Coupons clipped from securities in custody*: Number 175,681 154,964 *In addition to securities, a large volume of bills, notes, warehouse receipts, etc.y was held in custody for member banks, the U . S. Treasury, Reconstruction Finance Corporation, a n d other G o v e r n m e n t agencies, departments, and officials. — 6 — FEDERAL RESERVE BANK OF ST. LOUIS PERSONNEL N u m b e r of officers and employees of the parent bank and branches on Oecember 31, 1942, was 1,135, the salaries of 475 being reimbursable o n account of fiscal agency operations. MEMBERSHIP During 1942, fifteen State banks became members of the Federal Reserve Bank of St. Louis, and o n e member State bank converted into a national bank. O n December 31 there were 4 5 0 member banks, of which 318 were national banks and 132 were State banks and trust companies. T h e deposits of these member banks aggregate approximately 75 per cent of the deposits of all commercial banks of this district. During the year 1942, the fifteen banks listed below, located in the Eighth Federal Reserve District, became members o n the dates s h o w n . January 15 Montrose Savings Bank, Montrose, M o . February 16 O'Bannon Banking Company, Buffalo, M o . April 2 0 First National Bank of Magnolia, Magnolia, Ark. June 9 Grant County Bank, Sheridan, Ark. July 1 Tipton Farmers Bank, T i p t o n , M o . July 3 Old Capital Bank 8C Trust Company, Corydon, Ind. July 2 2 August T h e U n i o n Bank, Loogootee, Ind. 6 State Bank of Hardinsburg, Hardinsburg, Ind. A u g u s t 14 September State Street Bank 8C Trust Company, Quincy, 111. 4 Mexico Savings Bank, M e x i c o , M o . September 11 T h e Exchange Bank 8C Trust Company, El Dorado, Ark. September 25 Arkansas Trust Company, H o t Springs, Ark. November T h e Citizens State Bank, Petersburg, Ind. 6 N o v e m b e r 16 T h e French Lick State Bank, French Lick, Ind. N o v e m b e r 21 T h e Citizens Loan 8C Trust Company, W a s h i n g t o n , Ind. — 7
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